Not that long ago, we got a bit of a shock. Our bank charged us a bunch of fees for overdrawing our checking account. It was annoying the way that they did it. The processed all the debits first and fined us for each one and then after that, they put our deposit in. Turns out they always do things this way to insure maximum penalty fees. I'm sure all banks do this.
So having learned my lesson I signed up for overdraft protection. This is a nifty thing that banks offer so that they can fine you less, but do it all the time. You get charged $5 a month for the service no matter what plus a $3 fee anytime you use it. It's better than getting hit with 3 unexpected $25 fines on one day but in the long run the bank makes even more money this way.
So did I really make a smart decision?
1 comment:
No. You should not be paying for overdraft unless you use it. You need a better bank.
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